Mortgages. The FSA to crack down on exit fees.

In recent years we ( mortgages ) have seen rises of up to 450% in the fees charged by lenders when borrowers want to redeem their mortgage. But now the Financial Services ( car insurance cover ) Authority (FSA) is going to crackdown on these exit fees.

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To date lenders have told you the exit fee they currently charge, but have then retained the right to increase that charge at any time and without advising you. This has given lenders a free hand to increase these charges and many have taken the opportunity with an ( home insurance quotes ) outstretched hand! Take the Cheltenham & Gloucester for example; theyve increased their exit fee from what was £50 to £225. The Woolwich increased theirs from £95 to £275.

The FSA is now in talks with the mortgage lenders to bring them to heal. They want fees to be disclosed at the outset and for that disclosed price to be ( life insurance quotes ) fixed for the duration of the mortgage. The FSA hopes to have the binding undertaking from the lenders by June this ( insurance ) year. (medical insurance)

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Statutory Wealth Warning:
Your home may be repossessed if you do not keep up your repayments on a mortgage or any debt secured on it.

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